Riyadh – Mubasher: Saudi Pharmaceutical Industries and Medical Appliances Corporation (Spimaco) approved the liquidation of two 90%-owned subsidiaries, namely SPIMACO marketing and SPIMACO development.
Spimaco said that the two companies have not been active since establishment and liquidation will have no impact on the company’s financial results, according to a bourse filing on Wednesday.
The pharmaceutical company also approved the recommendation of Moroccan subsidiary E-pharma to raise its capital by 88% to MAD 470 million ($47.4 million) from MAD 250 million ($25.4 million).
Spimaco will contribute with MAD 143.1 million ($14.5 million) in the hike to maintain its stake in E-Pharma, the statement said.
It may also inject MAD 8.67 million ($0.88 million) if shareholders do not subscribe to the increase, so that Spimaco’s stake would rise to 66.9%.
The Saudi-listed company’s board approved a 100% capital increase to SAR 120 million from SAR 60 million, upon the recommendation of subsidiary Dammam Pharma’s board.
